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Trust and Search in Vietnam's Emerging Private Sector

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Author Info

  • Haggard, Stephan
  • McMillan, John
  • Woodruff, Christopher

Abstract

This paper investigates how start-up firms in Vietnam operate in the face of two significant market frictions: a poorly developed legal system and inadequate market information. We argue that these two market frictions actually offset each other. Poor market information and the consequent difficulty of locating trading partners can help make self-enforcing contracts workable. Firms that have nowhere else to go will refrain from breaking their agreements. If it is difficult to locate alternative trading partners, firms will invest in maintaining their existing relationships. Our empirical analysis is consistent with this hypothesis.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1506.

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Date of creation: Nov 1996
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Handle: RePEc:cpr:ceprdp:1506

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Related research

Keywords: Contracting; Search; Transition; Vietnam;

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Cited by:
  1. Luc Moers, 2000. "Determinants of Enterprise Restructuring in Transition: Description of a Survey in Russian Industry," Post-Communist Economies, Taylor and Francis Journals, vol. 12(3), pages 307-335.
  2. Jeffrey B. Miller & Stoyan Tenev, 2005. "State and Ownership Reforms in Transition Economics: China vs. the Orthodoxy," Working Papers 05-10, University of Delaware, Department of Economics.
  3. Gow, Hamish R. & Swinnen, Johan F.M., 2002. "Investment, and Contract Hold-Ups in Transition: Evidence from Hungary," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24853, European Association of Agricultural Economists.
  4. Johnson, Simon & McMillan, John & Woodruff, Christopher, 1999. "Contract Enforcement in Transition," CEPR Discussion Papers 2081, C.E.P.R. Discussion Papers.
  5. Bruce Benson, 1999. "To Arbitrate or To Litigate: That Is the Question," European Journal of Law and Economics, Springer, vol. 8(2), pages 91-151, September.

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